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I'll look at that Ta! (sorry to briefly go off piste from AMGO) Most of the mining ideas are getting pricier. Hecla was a very pleasing shout. I do think Barrick will end up over 60 dollars so still lots of upside but thats now a 50% upside and no longer a mega opportunity. Next big area is consumer cyclicals. VERTU Motors is at a PE ratio of about 3-4. Give it a year and can double your money. right end of. only AMGO from hereon soz everyone.
Franky, I agree that if we can get a reasonable resolution with FCA there is no reason that the SP cannot get back to the IPO price and above - I believe we can do that but I can see us reaching over 30p before this is achieved with a few positive RNS’s. After suffering so much pain I will do my very best to hold for the long haul but as HH has pointed out it is somehow easier for many of us to hold firm in a loss than when achieving a decent profit.
Making a lot of money now in INDV another company that suffered over a long period with a struggling SP- strangely since the big rise on news of settlement with DOJ the price has fallen back pending sign off from a Federal judge - it has another good rise in it and I am thinking of adding now that the risk has gone,
As you know I did very well with ACA but did not hold through the Barrick acquisition - I should have and was sure that gold was underperforming although of course I had no idea that the virus would have such an affect on pricing. I realise you stayed with them and that was certainly the right decision. On selling ACA I diverted some of the money to FRES and did brilliantly although I don’t really understand why silver is doing quite so well - I am now out. I put a large part of the balance into MTRO and ignored your warnings - I remain very frustrated about exactly what happened there but lost several £100k before I switched to AMGO where I remain in a loss but with a significant holding and now at a much lower average.
I have been lucky enough to be well placed in some of the Covid shares that have rocketed recently and more than made up my losses elsewhere but this has been a very challenging year - if you are looking for a quick punt that has yet to rocket cast your eye over ODX. ATB
PS BigBangs did you do ok with INDV? I was still in Barrick after all this time until v recently but sold probably a bit early!:-)
Wasn't patronising you as such and that's fair comment. I guess its an easy model. The higher the interest rate, the more complaints are likely to come. You are right about ODs in as much as it makes a still eye-popping circa 50% more mainstream and acceptable. The payday lenders at a gazillion% is now dead of course and there's a huge market from that fallout which is less exploitative and more secure. If we can get this sorted with the FCA, the upside will be breathtaking over next 2-3 years. I feel that if it gets to 30p, it will just as easily get to £3 in the fullness of time (once we're out of woods). No way I will sell at 30p therefore.
No worries buddy, It made me chuckle :)
Sorry mate, innocent mistake.
Hey Toma
Was that a freudian slip with the spelling of my name lol ;^)
Exactly seamun, and that is now Glen's job.
Totally agree Big. Nothing like the payday loans and unfair to lump with them- But, If I guarantee a loan I'm responsible to ensure that loan is repaid so why is the risk so much higher ? I get the fact that collecting costs would be higher as not as straightforward but don't see why, when I could get a direct loan at 3or4% they'd want 49%. Don't get me wrong if someone takes a AMIGO loan out I personally think the responsibility lies with them and shouldn't start *****ing after they sign the contract. If they can make 49% work and FCA happy and make me money then bring it on :)
Just did a dummy sell quote and got offered 8.425 for £10,000
I certainly take your point seamus but I would argue that 50% for the risk reward - certainly at the moment - is close to the minimum level at which this type of lending can be managed and should already give us good optics - the problem is it does not and we are talked about in the same way as Wonga (who lend at rates up to 3000%) and the other failed operations when in reality we are in a much better place.
I'd say most that need a loan here don't dip in and out but are in O/D permanently raking it in for the high street banks. I'm not saying 49% is wrong or right. Just think the if they could make it work the optics would be so much better. Personally looking at the report I'm not surprised 60% said they wish they hadn't taken a loan out. why wouldn't they ? I'm a cynic when it comes to people and would expect them to complain as that's the culture we live in now. Look outwardly to blame why I'm in this position
A lot cheaper then then NSF 99.9% headline rates.
I understand the difference but the fact that an overdraft rate was less than 20% fairly recently and is now 40% is significant.
There s a big difference between 40% on an overdraft and 40% on a guarantor loan. Just pulling you up on comparing the two. THE END cost on a loan is at multiples compared to the vast majority that dip in to OD temporarily. Not worth comparing the two. No doubt we re high cost but personally not got a problem with it.
Seamus the truth is that extra underwriting, greater default and the actions of claims companies offering a no win no fee deal to encourage complaints will lead to much higher rates being charged not lower.
As all loans are guaranteed wouldn't it make sense to charge a more reasonable % rate ? Maybe something like 29% so they are around credit card costs. This way they would be more ethical than cards as you have an end date to when you'll have it paid off. I also noticed someone mention mortgages which would be a fantastic idea, not that I'm keen on creating another 2008 but if the older generation guaranteed it or at least any shortfall after sales of property if default so the younger ones wouldn't need such large deposits
Great find thank you. The guidance letter to which the FCA refer March 2019 was of course the document that sparked AMGO original review and decision to restrict lending to repeat borrowers which has remained our policy ever since and high resulted in a unwarranted fall in the SP from c£1.80 to 70p. We do now not generally lend or market to repeat borrowers which may be unfair on them but is considered to be in their best interests - fair enough I suppose. The whole report is aimed at high cost lenders - I would argue that in this market we are very competitive with many other lenders -NSF charging double our rate at 100% and with the banks now charging 40% for overdrafts perhaps the FCA could produce a guide, updated regularly as to what is considered high cost lending and which may therefore be subject to extra scrutiny. We are the market leaders with a dedicated and professional staff, if there are guidelines we will follow them but no company can operate if the goalposts move after a deal has been struck and this is what has been happening and must be addressed. If may leave a bad taste but this type of lending is required and in high demand, if it does not come from professional regulated companies like AMGO it will be delivered by much more unscrupulous sources - it is of course the job/duty of our BoD to make a robust case and I believe we are finally getting the BoD in place that will do just that. ATB
Thnakyou Darkknightmy for that very informative link.
I look forward to the next RNS from Amigo to see what they make of this. Personally i see a mixed bag of news. All lenders need to be more careful in what they do and to who and will be more closely monitored for Amigo i hope to a return to lending in a wider form soon.